mortgage

What is foreclosure?

 

What is foreclosure?

The Bankrate.com financial term of the day is: "foreclosure."

Foreclosure is the formal, legal process of taking a home away from an owner who has stopped making the payments. The property is seized and sold, often at a public auction, and the proceeds are applied toward the mortgage debt.

Foreclosure is what people are referring to when they worry about losing their house.

To compare home loans, visit the Mortgage section at Bankrate.com.

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Claes Bell

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